Coinbase Global Inc. initiates a calculated re-entry into the Indian market this week, quietly resuming user signups as part of a patient, long-term strategy to capture the world’s most populous digital economy. The move, confirmed by executives at India Blockchain Week (IBW), signals a definitive pivot from immediate revenue generation to structural market positioning, with the exchange targeting the first half of 2026 for the deployment of a fully integrated fiat on-ramp.
Targeting the 2026 Fiat Gateway
The resumption of basic trading activities marks the first phase of a multi-year roadmap. While Indian residents can now create accounts and engage in peer-to-peer or stablecoin transactions, the critical ability to deposit Indian Rupees (INR) via local banking rails remains offline.
Speaking at IBW, Coinbase APAC Director John O’Loghlen acknowledged the deliberate nature of this staged rollout. “We had millions of customers in India, historically, and we took a very clear stance to off-board those customers entirely from overseas entities,” O’Loghlen stated.
He described the decision to wipe the slate clean as commercially painful but strategically necessary: “As a commercial business person wanting to make money and active users, that’s like the worst thing you can do… it wasn’t without some hesitation.”
The company has now communicated an aggressive target to restore full fiat functionality by 2026. This timeline underscores Coinbase’s willingness to invest heavily in navigating the complex financial regulatory environment required to unlock India’s retail capital.
Navigating the Regulatory Bottleneck
The exchange’s renewed focus comes after its 2022 entry attempt was derailed by ambiguities surrounding the Unified Payments Interface (UPI). The abrupt cessation of access to standardized local payment infrastructures remains a major bottleneck in the global crypto supply chain.
By decoupling user acquisition from transactional infrastructure, Coinbase leverages the inherent demand for digital assets while mitigating immediate exposure to unpredictable regulatory reversals from the Reserve Bank of India (RBI) or the National Payments Corporation of India (NPCI). Leading financial publications have consistently detailed how exchanges in the region must walk a regulatory tightrope to maintain payment service continuity.
Investing in the Ecosystem
Beyond trading, Coinbase is deepening its infrastructural roots. The Department of Electronics, IT/BT of Karnataka recently signed an MoU with the exchange to bolster the state’s leadership in on-chain innovation.
“Through this collaboration, we will work on large-scale developer upskilling, startup incubation on Base and statewide efforts to demystify blockchain,” stated Priyank Kharge, Karnataka’s Minister for IT/BT, on X. The initiative aims to upskill over 10,000 developers and train 1,000 cybersecurity professionals, cementing Bengaluru as India’s “on-chain capital.”
Karan Malik, Coinbase’s new marketing lead for India, reinforced this “boots on the ground” approach. “We aren’t stopping at a logo on the wall. We’re going big,” Malik posted, outlining initiatives to fly in top equities and crypto Key Opinion Leaders (KOLs) to experience the vibrancy of India’s Web3 ecosystem firsthand.
Chain Street’s Take
Coinbase is making a calculated move in India. By separating its return to the market from the heavy lift of rebuilding full on-ramp infrastructure, the company buys itself time and captures users early without putting fresh capital at risk. This isn’t a grab for quick revenue. It’s a long game aimed at the part of the global value chain that will matter most later: bringing retail capital online in fast-growing markets. The approach shows a willingness to stay patient in places where rules evolve slowly and policy often moves ahead of technology. It’s a signal that Coinbase is willing to build for the long haul, even in markets where the path to scale is anything but straightforward.
